NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, Sept. 23:
1. -- U.S. stock futures pointed lower and European stocks declined on fears that a U.S. clampdown will stem the tide of American deal-making in Europe.
Hong Kong's Hang Seng index fell 0.3% but shares in Shanghai rose 0.9% following unexpectedly strong manufacturing data from China. Japan's stock market was closed Tuesday.
2. -- The economic calendar in the U.S. on Tuesday includes the FHFA Housing Price Index for July at 9 a.m. EDT.
3. -- U.S. stocks on Monday closed lower on Monday as investors took a breather after another record run-up in stocks last week that saw the Dow Jones Industrial Average
The Dow closed down 0.62% to 17,172.68. The S&P 500
4. -- The Treasury Department issued new regulations on Monday designed to limit the ability of U.S. firms to seek refuge in lower tax countries.
The Treasury will make these so-called corporate inversions less lucrative by barring creative techniques that companies use to lower their tax bill. Additionally, the U.S. will make it harder for companies to move overseas in the first place by tightening the ownership requirements they must meet.
"This action will significantly diminish the ability of inverted companies to escape U.S. taxation," Treasury Secretary Jacob Lew said. He added that for some companies considering inversions, the new measures would mean inverting would "no longer make economic sense."
Administration officials couldn't say how many pending inversions might be stopped by the new rules and wouldn't address whether the rules would block Burger King's (BKW) bid in August to acquire Tim Hortons, the Canadian coffee and doughnut chain. Abbvie's (ABBV) $55 billion deal to buy Shire (SHPG) also could be in jeopardy.
5. -- Dublin-based Actavis recently made a bid for Allergan (AGN) but the Botox maker rejected the proposal and is closing in on its own takeover, The Wall Street Journal reported, citing people familiar with the matter.
Allergan, which has been fending off a $53 billion hostile takeover offer from Valeant Pharmaceuticals (VRX) , is now in advanced talks to buy Salix Pharmaceuticals (SLXP) , some of the people told the newspaper. Such a deal could make Allergan too big and complicated for Valeant to buy, according to the Journal.
An Allergan acquisition of Salix, likely valued at more than $10 billion in cash, could be announced late this week or next, some of the people told the Journal.
6. -- Facebook (FB) will unveil next week a new advertising platform designed to improve how marketers target and measure the advertisements they buy across the Web, the Journal reported, citing people familiar with the company's plans.
The product, called Atlas, is a re-engineered version of the Atlas Advertiser Suite business Facebook purchased from Microsoft (MSFT) in 2013. It promises to help marketers understand which Facebook users have seen, interacted with or acted upon ads that appear both on Facebook's services and on third-party Web sites and apps, according to the Journal.
The selloff came even though Yahoo! reaped more than $9 billion last week from selling some of its stake in Alibaba, as the Chinese e-commerce giant held its initial public offering.
Before the Alibaba IPO, Yahoo! was one of the few ways U.S. investors could tap into Alibaba, as Yahoo! owned a stake of around 23% in the the Chinese company.
8. -- Apple (AAPL) denied a report that it plans to shut down streaming service Beats Music.
Several prominent employees at Apple and Beats told TechCrunch that Apple planned to discontinue the service. But an Apple spokesman denied Apple was shutting down Beats Music. Tom Neumayr told USA Today: "It's not true."
One person familiar with the situation said that consumers should expect Apple to make some changes to the service. That could mean the brand is going away although the service is not.
Apple bought the service in May for $3 billion.
9. -- Cruise line company Carnival (CCL) is forecast to report on Tuesday fiscal third-quarter earnings of $1.44 a share on revenue of $4.93 billion.
10. -- Bed Bath & Beyond (BBBY) is expected by analysts on Tuesday to report fiscal second-quarter profit of $1.14 a share on sales of $2.89 billion.
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